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What it means when you need to buy insurance

Insurance is an essential part of our lives. We buy insurance to protect us against any potential financial loss due to an unfortunate incident. But why do we even buy insurance in the first place? And why does everyone seem to have so many different policies? Insurance is an important tool for protecting a family’s future. With the global demographic evolving, people are having fewer children and the elderly are living longer. This means that critical illness has become more important than ever. Insurance can help to protect your family from financial hardship if you become ill or injured.

At 30 years old, we’ve likely got a pretty good idea of who we want to spend the rest of our life with and how many kids we want to have. In the same way, buying insurance at this stage is a lot like buying a used car. You’re getting the maximum appeal in terms of coverage, but you’re also paying a higher premium than you would have if you’d bought insurance when you were 20. However, our 30-year-old self is also more likely to have dependents like a spouse or children, so our coverage needs to match our seniority. As someone who is responsible for another person’s well-being, it’s important to make sure that they are taken care of in the event of an emergency. A fully comprehensive insurance policy that can be claimed at the worst possible moment is essential for peace of mind. We shouldn’t have to worry about paying for your child’s education on top of everything else, so make sure our policy includes an asset protection rider.

No one wants to be a burden to their loved ones, but sometimes it’s impossible to avoid. If you’re worried about being a financial burden if you become sick or injured, self-insurance may be the answer. Self-insuring can be one way to ease the financial burden on your loved ones, but it’s not the only option. Insurance costs a fraction of what it would take to self-insure, and it can give you and your family peace of mind.

As responsible financial advisors, we have to understand that every client’s financial profile is different, which is why we take the time to assess all aspects of their situation, including savings, investments, insurance, tax, retirement, and estate planning. This way, we can help them develop a detailed strategy that meets their specific financial objectives.

With careful planning, we can ensure that insurance premiums can be returned to our clients if no claims are made. The foundation of protecting those who matter most would serve as an asset. By enhancing their portfolio, the insurance costs need not be a burden.

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